There is much work to be done in Washington. A massive trade deal is pending with the United States-Mexico-Canada Agreement (USMCA), prescription drug prices and health care costs continue to rise, and our southern border needs additional resources. In addition, to provide certainty for taxpayers -- families, farmers, ranchers, and businesses small and large -- we need to address the future of a number of expired and expiring tax provisions, fix certain technical issues with the tax code, and complete our work on some new proposals to help Americans save for retirement. Through my position as the Ranking Member of the Ways and Means Subcommittee on Select Revenue Measures, which writes tax policy for Congress, I have been working on a number of commonsense tax initiatives.
For various reasons, whether to limit cost or provide time to find a permanent solution, tax provisions are sometimes enacted temporarily. For example, the Biodiesel Tax Credit which has played a significant role in growing domestic biodiesel production and consumption, expired in 2017. I have been working with both parties on the Biodiesel Tax Credit Extension Act, which would give producers much needed certainty by extending the expired Biodiesel Tax Credit and providing retroactive relief for the two years since it expired.
The Medical Device Tax, which was created by Obamacare and would increase the cost of essential medical technologies like x-ray machines and hospital beds, is set to take effect after the end of this year. In addition to increasing health care costs, a revival of this tax would cost our economy 21,390 jobs and reduce GDP by $1.7 billion annually according to the non-partisan Tax Foundation. Also expiring at the end of the year is the delay of the Health Insurance Tax (HIT). The tax on health insurance would cost consumers $15.5 billion in 2020 alone. To keep these onerous taxes from going into effect, I have cosponsored the Protect Medical Innovation Act and the Protect Medical Innovation Act. Both bills have broad bipartisan support.
Technical corrections to the tax code are a common and ongoing occurrence. As an unintended consequence in the Tax Cuts and Jobs Act, certain small businesses such as retailers are unable to fully expense capital expenses, despite the committee report on the bill stating this was the law's intent. To fix this glitch in the tax law, I have cosponsored the Restoring Investment in Improvements Act, which is supported by nearly two-thirds of the House of Representatives.
Sound tax policies can also help preserve jobs and encourage infrastructure development. Now more than ever rural areas need access to power and broadband. In Nebraska, we rely on public and cooperative power generation to affordably meet our needs. My colleague Rep. Terri Sewell (D-AL) and I have introduced the RURAL Act which would ensure tax-exempt cooperative organizations, such as rural electric co-ops, maintain their tax-exempt status when they use government grants, contributions, and assistance. This is particularly important when these co-ops apply for funds used for rural broadband and disaster relief. Our bill has nearly 300 cosponsors.
We must also seek out new opportunities to improve the tax code. In the Ways and Means Committee, we worked together on the SECURE Act, which makes improvements to savings and retirement. As a result of this bipartisan work, the SECURE Act passed the House almost unanimously, and now awaits action in the Senate. In the final days of the first session of the 116th Congress, it is my priority to finish work on the SECURE Act, and the other commonsense bills which have broad support. These important bills have the support to pass, now it is time to send them to the President's desk. The delay only hurts our country.
Good tax policy allows Americans to reap the benefits of their hard work. In the Ways in Means Committee, I will continue to look for opportunities for the betterment of the tax code and the American people.